CBN enters wholesale business with purchase of South Western

Acquisition is a 'collaborative investment' by all nine members of CBN

The Canadian Broker Network (CBN) has reached a deal with Intact Financial Group to acquire its affiliate, South Western Insurance Group Limited, a wholesale insurance intermediary. The deal is set to close by the end of the year.

In an interview with Canadian Insurance Top Broker, Daryn McLean, chair of CBN, said the South Western acquisition is “a collaborative investment” by all nine members of CBN.

Read: Canadian Connections: A profile of CBN 

Upon closing, South Western will operate as an independent subsidiary of CBN with its own leadership team, name and brand.

“South Western Group is not going to be a member of CBN, or is not going to be associated with any individual office,” said McLean. “This is an investment and we believe as a collective group that we can provide some strategic ideas and some strategic visions for South Western Group to help it grow in the future.”

The acquisition of South Western will mark the network’s expansion into the wholesale insurance market.

“This acquisition is a tremendous opportunity as it allows us to enter an important segment of the brokerage industry,” McLean said in a press release. ”With more than 50 years supporting brokers, South Western’s growth potential is significant thanks to its strong industry relationships, experienced professionals and unique underwriting expertise in niche and specialty insurance products.”

The terms of the transaction have not been disclosed.

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Transcontinental Media G.P.